VCT News
Proven Investments Named Amongst 50 Fastest Growing UK Media Companies
7 February 2005 - ProVen VCT and ProVen Media VCT, venture capital trusts managed by Beringea, the international private equity and investment banking firm, announced today that two of their investment portfolio companies have been named amongst the 50 fastest growing media companies in the UK.
Espotting, one of Europe's leading paid-for listing providers, was named the fastest growing and most dynamic media company in the UK at GP Capital's Media Momentum Awards on 4th February 2005. Ranked according to annual revenue growth rates for 2002/2003, Espotting emerged in pole position with reported revenue growth of 726% for the period.
ProVen VCT and ProVen Media VCT first backed Espotting in December 2001. Since then the funds have invested a total of £645,000 over three investment rounds. In July 2004 Espotting was acquired by FindWhat.com (NASDAQ: FWHT) for a total consideration of £98 million, valuing the VCTs' investments at over four times cost*. Following the acquisition both ProVen VCT and Proven Media VCT retained a shareholding in Find What.com.
Espotting also won one of the five "Media Momentum Stars" awards, judged by a panel of industry experts including Robert Leach, Head of Interactive at BsykB, Nick Horswell, the founder of PHD, and Jon Farley, the Head of National Barclays Media SME team.
In addition, Mergermarket, the business intelligence service for advisers and companies active in mergers and acquisitions, was also listed in the top 50 fastest growing UK media companies, with reported annual revenue growth of 99% for the 2002 / 2003 period. ProVen VCT and ProVen Media VCT invested in Mergermarket in June 2001 and August 2002, investing a total of £1.1 million.
Stuart Veale, Managing Director of Beringea, said: "We are delighted that our investee companies are being recognised as market leaders in the media sector. Their impressive performance is an important endorsement for the ProVenVCTs and clearly demonstrates the underlying strength of our investment portfolio."
*based on FW share price and £/$ exchange rate when the deal completed.